TransCode Therapeutics, Inc. reported a significant increase in its financial losses for the first quarter of 2025, with a net loss of approximately $12.1 million, compared to a loss of $3.3 million in the same period of 2024. The company's operating expenses totaled $3.17 million, slightly down from $3.29 million year-over-year. The increase in net loss was primarily attributed to a $9.2 million loss from the change in fair value of warrant liabilities, which was not present in the previous year. The company has not yet generated any revenue from product sales, maintaining its status as a pre-revenue biopharmaceutical firm focused on developing RNA-based therapeutics for cancer treatment.
In terms of financial position, TransCode's cash reserves rose to approximately $11.6 million as of March 31, 2025, up from $5.8 million at the end of 2024. This increase was largely due to successful equity financing efforts, including net proceeds of $8.9 million from a public offering in March 2025. The company’s total assets increased to $13.2 million, while total liabilities decreased significantly from $9.3 million at the end of 2024 to $2.9 million, primarily due to the reduction of warrant liabilities following the exercise of Series D warrants.
Operationally, TransCode is advancing its lead therapeutic candidate, TTX-MC138, which is currently undergoing a Phase I/II clinical trial initiated in the third quarter of 2024. The trial aims to evaluate the safety and efficacy of TTX-MC138 in patients with advanced solid tumors. The company has also received a Direct to Phase II Small Business Innovation Research (SBIR) Award from the National Cancer Institute, amounting to nearly $2 million, to support its clinical trial activities. As of March 31, 2025, TransCode had a total of seven employees, reflecting a strategic reduction in workforce to manage costs effectively.
Looking ahead, TransCode has expressed concerns regarding its ability to continue as a going concern, citing the need for additional capital to fund ongoing operations and development activities. The company anticipates that its existing cash will only support operations into the fourth quarter of 2025, necessitating further fundraising efforts. Additionally, TransCode is facing potential delisting from the Nasdaq Capital Market due to non-compliance with minimum bid price requirements, which could further complicate its capital-raising efforts. The company is actively seeking to address these challenges while continuing to develop its therapeutic pipeline.
About Transcode Therapeutics, Inc.
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